NMS Communications (NASDAQ: NMSS), the leading supplier of technology for tomorrow's networks, today announced results for the first quarter ended March 31, 2002.
Revenues (in thousands) for the first quarter of 2002 were $28,217 compared to $26,617 for the corresponding quarter in 2001, an increase of 6.0 percent. Pro forma net loss (in thousands) was $6,282 versus a net loss of $3,928 reported for the first quarter of 2001. Pro forma loss per diluted share for the quarter was $0.17 compared to a loss of $0.11 for the comparable period in 2001, based on 36.1 million and 36.4 million weighted average diluted shares outstanding, respectively.
All of the pro forma numbers provided above exclude the effects of amortiszation charges related to acquisitions and purchased intangibles, restructuring charges, impairment charges, extraordinary items and other non-recurring items, each of which are explained in more detail in the footnotes to the accompanying pro forma statement of operations. Results including these charges in accordance with generally accepted accounting principles ("GAAP") are stated later in this release and are also set forth in the accompanying statement of operations.
The Company repurchased 450,000 shares of its common stock in the open market at various times during the first quarter of 2002 for an aggregate purchase price of $2.6 million. As previously announced, the Board of Directors authorized the Company to repurchase up to 2,500,000 shares of its common stock during the twelve months beginning in October 2001. During the first quarter, the Company also repurchased $3.4 million of face value convertible debt for a purchase price of $2.2 million, bringing the total face value convertible debt repurchased by the company to $50.0 million, with a cumulative purchase price of $29.3 million.
Delivering Solutions to High-Growth Markets
"While the telecom industry slowdown continues to be a factor, we made solid progress this past quarter executing against both our strategic and operational goals. The integration of our Voice Enhancement Services group is proceeding very well, with the team fully transitioned and interactions with our new customer base in high gear," said Bob Schechter, NMS Communications' chairman and CEO.
"We also introduced NMS HearSay, the first open, complete solution designed for service providers to voice-enable network services and content. Based on partnerships with Sun MicroSystems, Oracle, leading speech technology vendors such as Nuance and SpeechWorks, and best-in-class application providers, NMS HearSay is targeted to help wireless service providers expand their service offerings and attach to new sources of revenue with rapid return on investment."
"During the first quarter, our Voice Enhancement Systems team launched the e256 chip, the industry's highest-density echo cancellation device for carrier-class voice enhancement systems. This device represents the newest generation of echo cancellation innovations and technology leadership and is the basis for extending the density and price performance leadership of our newest voice enhancement systems products," Schechter added.
"We continued to make NMS products open, complete, and readily available to communications application developers. For example, NMS joined the newly established SALT Forum, which brings together technology companies that are cooperating to speed the development of speech-enabled applications in multimodal environments. We added support for the Linux operating system to our comprehensive application development environment. And we expanded our global market coverage by naming the global distributor Hagemeyer Krieg as an additional source for NMS products and services in Southeast Asia, Australia, and New Zealand," concluded Schechter.
"Our continued strong balance sheet performance and $148 million in available cash and marketable securities provide the financial foundation for the execution of our business development and growth strategies," said Bob Hult, senior vice president of operations and CFO.
"We continue to manage our operations tightly and our world class partner-based supply chain is delivering increased value to our customers. At the same time, we're harvesting benefits from this approach, including lowered inventory requirements, faster cash conversion cycles and increased customer satisfaction," Hult added.
Including the effects of amortization charges related to acquisitions and purchased intangibles, restructuring charges, impairment charges, extraordinary items and other non-recurring items, each of which are explained in more detail in the accompanying pro forma statement of operations, net loss (in thousands) for the first quarter of 2002 was $13,526 versus a net loss of $21,504 reported for the first quarter of 2001 and loss per diluted share for the quarter was $0.37 compared to a loss of $0.59 for the comparable period in 2001, based on 36.1 million and 36.4 million weighted average diluted shares outstanding, respectively.
NMS Conference Call Web Cast
NMS Communications issues web casts for its conference calls to assure the broad dissemination of information in real time. To access the First Quarter 2002 conference call, which is scheduled for 5:00 p.m. ET today, log on to the company website at www.nmscommunications.com and click on the webcast icon in the Investor Relations section.
About NMS Communications
NMS Communications (NASDAQ: NMSS) designs, delivers, and supports technology-leading systems and system building blocks for innovative voice, video, and data services on wireless and wireline networks. NMS products and services help the world's top communications equipment suppliers, solution developers, and wireless operators bring their applications and services to market faster and at lower costs.
Headquartered in Framingham, Massachusetts, and with offices around the world, NMS has a rich history of technology innovations that advance the growth of the global communications industry. These achievements include the world's first complete open IP gateway, the first complete open packet media server, and the first complete open solution for voice applications and services.
Visit http://www.nmscommunications.com for more information.
Statements in this document expressing the beliefs and expectations of management regarding future performance are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's expectations as of the date of this document and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties including, but not limited to, a continued slowdown in communications spending, the implementation of the Company's strategic repositioning and market acceptance of the Company's new solutions strategy, quarterly fluctuations in financial results, the Company's ability to integrate efficiently the business and technologies it has acquired and to exploit full the value of such technology and its strategic partnerships and alliances, the availability of products from vendors and other risks. These and other risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2001. In addition, while management may elect to update forward-looking statements at some point in the future, management specifically disclaims any obligation to do so, even if its estimates change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement.
NMS Communications and PowerAccess are trademarks of NMS Communications Corporation. All other product or corporate references are trademarks or registered trademarks of their respective companies.
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